Indian billionaire Ravi Jaipuria is doubling down on Africa’s fast-growing consumer market after his beverage giant Varun Beverages signed a fresh 10-year extension of its bottling agreement with PepsiCo following $2.4 billion in annual revenue and a rapid expansion across seven African countries.
The revised agreement extends Varun Beverages’ PepsiCo bottling licence in India until April 30, 2049, from the earlier expiry date of April 30, 2039, according to a regulatory filing issued by the company.
The new agreement, effective May 21, also removes restrictions that previously prevented Varun Beverages from pursuing non-PepsiCo business activities, giving the company greater flexibility as Jaipuria, widely known as India’s “Cola King, increasingly positions Africa at the centre of its expansion strategy.
Africa emerges as a major growth driver
Varun Beverages said international volumes rose 9% during the first nine months of 2025, largely fuelled by growing demand across African markets as weather-related slowdowns weighed on beverage consumption in India.
